It doesn't matter whether all the debt you have is in your mortgage, or whether you have lines of credit or credit card debt, you can use an accelerated debt payoff plan to shorten the amount of time you spend paying your debt, and more importantly, you will spend less money servicing your debt, too.

Here's how it works. You make your regular payments when servicing your debt and then you add additional funds to that debt every month to save interest and pay it off more quickly. This can save you thousands of dollars.

If you're talking about accelerated debt payoff for your mortgage, things can get a little tricky. Some mortgages don't allow for you to make lump sum payments, increase your payments or stipulate that you can only pay up to a certain amount at certain times over the course of the mortgage. If you want to pay off your mortgage faster, talk to your financial institution to see if you can work around the fine print.

If you don't have a lot of debt, such as one credit card or a line of credit, you can do an accelerated debt payoff very easily. Just pay your minimum payment and then add extra money to that payment each month.

If you have multiple creditors, you should consider consolidating your debt. In this way, you can access a lower interest rate and lower monthly payments. This will give you cash-in-hand every month, which you can turn around and add to your payment schedule. That means you are saving more in interest and paying off more of the money you actually owe your creditors, not just the future interest.

If you don't want to consolidate your debt, or can't consolidate your debt, you can still do an accelerated debt payoff. Simply analyze your debt situation. See which creditor charges the highest interest and start by adding the extra payments to that debt until it is eliminated. Then move on to the next highest interest rate. Continue in this way until you are debt-free. And don't forget to make the minimum payments to the other creditors in the meantime.

To determine how much extra money you can put toward an accelerated debt payoff subtract all of your anticipated expenses from all of your anticipated earnings. Don't forget to include money for entertainment or other fun outings. Then you will know how much extra money you have each month that can be contributed toward debt. Usually this extra money is spent frivolously without a second thought. It is a very good idea to put this money to good use.

To find out how much money an accelerated debt payoff can save you, search for an "accelerated debt payoff calculator" on the Internet. It will help you determine how much you stand to save by adding more money to your payments.